Soviet Union

Will the nearly worthless ruble become a convertible currency? That's what Prime Minister Valentin S. Pavlov is saying. Starting Jan. 1, the ruble will trade for hard currency within the Soviet Union, Pavlov promises, in an expanded system of auctions run by the Soviet State Bank. The aim is to make hard currency "easily available" to Soviet enterprises to pay for imports. At weekly auctions already being held by the State Bank on a smaller scale, the ruble last sold for 2.4~.

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